Brokerages Set Primo Brands Co. (NYSE:PRMB) Target Price at $41.71

Primo Brands Co. (NYSE:PRMB) has received an average rating of “Buy” from the seven ratings firms that are presently covering the company, MarketBeat reports. Seven analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $41.71.

Several brokerages have recently commented on PRMB. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. TD Securities initiated coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Mizuho initiated coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an “outperform” rating and a $43.00 price objective for the company. Finally, Truist Financial initiated coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 price objective for the company.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the completion of the transaction, the director now directly owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 58.40% of the company’s stock.

Hedge Funds Weigh In On Primo Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Intech Investment Management LLC increased its position in Primo Brands by 19.4% in the 1st quarter. Intech Investment Management LLC now owns 83,552 shares of the company’s stock valued at $2,965,000 after acquiring an additional 13,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Primo Brands by 64.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 995,194 shares of the company’s stock valued at $35,319,000 after acquiring an additional 388,520 shares during the period. Empowered Funds LLC acquired a new position in Primo Brands in the 1st quarter valued at approximately $5,879,000. Caxton Associates LLP acquired a new position in Primo Brands in the 1st quarter valued at approximately $266,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Primo Brands in the 1st quarter valued at $229,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Trading Up 2.1%

Shares of NYSE:PRMB opened at $31.92 on Friday. The firm has a 50 day moving average price of $33.03. The firm has a market cap of $12.02 billion, a PE ratio of -399.00, a PEG ratio of 0.78 and a beta of 0.83. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands has a 12 month low of $24.41 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm’s revenue was up 42.1% compared to the same quarter last year. On average, research analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.25%. The ex-dividend date is Friday, June 6th. Primo Brands’s dividend payout ratio (DPR) is currently -500.00%.

About Primo Brands

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.